Zimbabwe’s Blanket Mine Reports 3% Gold Output Growth in 2025

Caledonia Mining Corporation (CMCL) has reported another year of consistent growth at its flagship Blanket Gold Mine in Zimbabwe, producing 58,846 ounces of gold in the first nine months of 2025, representing a 3 percent increase over the 56,815 ounces achieved during the same period in 2024. The mine’s solid third-quarter performance, contributing 19,106 ounces, underscores its operational stability and steady output trajectory despite fluctuating market and logistical conditions. This growth continues to position Blanket Mine as one of Zimbabwe’s most reliable and efficiently managed gold producers.

For the full year, Caledonia forecasts total production between 75,500 and 79,500 ounces, in line with last year’s total of 76,656 ounces. The company attributes this performance to continued investment in underground development, improved mining efficiencies, and consistent plant throughput. These operational improvements have allowed Blanket to maintain strong output levels even as it transitions into deeper ore zones, extending the mine’s long-term production life.

Favourable gold market conditions have also bolstered profitability, with global prices rising nearly 60 percent in 2025, driven by economic uncertainty, inflationary pressures, and heightened investor demand for safe-haven assets. Caledonia, which owns a 64 percent stake in the mine, continues to operate in partnership with local Zimbabwean investors holding the remaining 36 percent, ensuring broad-based participation and alignment with the country’s indigenisation framework.

Blanket Mine’s performance comes amid growing momentum in Zimbabwe’s wider gold industry, supported by stable production at operations such as Freda Rebecca and How Mine, as well as the advancement of the Dokwe gold project, a new development expected to contribute to the country’s medium-term output. The government’s focus on supporting local beneficiation, improving energy reliability, and formalising small-scale mining activities has further strengthened the sector’s investment appeal.

Caledonia’s management has credited the production increase to strategic reinvestment, operational discipline, and strong workforce stability, all of which underpin its confidence in meeting or exceeding its 2025 output guidance. As the company continues to deliver on its growth targets, Blanket Mine remains a model of consistent productivity and responsible mining in Zimbabwe, contributing meaningfully to the nation’s foreign currency earnings and broader economic diversification.

Mini-Glossary

• Ounce (oz): A standard unit of measurement for precious metals; one troy ounce equals approximately 31.1 grams.
• Throughput: The volume of ore processed by a plant over a given period.
• Beneficiation: The process of improving the economic value of ore by removing impurities or concentrating the desired mineral.
• Ore Zones: Layers or sections within a mine that contain economically viable quantities of minerals.
• Indigenisation Framework: Zimbabwe’s policy promoting local ownership and participation in key economic sectors, including mining.
• Safe-Haven Asset: An investment, such as gold, that tends to retain or increase in value during times of market volatility or economic instability.